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Article
Publication date: 7 October 2019

Osaretin Aigbovo

The purpose of this paper is to examine the general direction and pattern of modern economic and financial crimes statutes in Nigeria.

Abstract

Purpose

The purpose of this paper is to examine the general direction and pattern of modern economic and financial crimes statutes in Nigeria.

Design/methodology/approach

This paper examines Nigerian economic and financial crime statues.

Findings

This paper identifies the trend and features, which are common to all the statutes irrespective of economic and financial crime covered by them.

Originality/value

This paper shows that although Nigerian economic and financial crimes statutes have evolved gradually from Military era Decrees, and target different aspects of economic and financial crimes, there are certain features, which are common to all of them.

Article
Publication date: 1 October 2006

Gjeneza Budima

The purpose of this paper is to examine corruption as the most ancient and common type of economic crime, and its significance in a developing country's progress. The…

2011

Abstract

Purpose

The purpose of this paper is to examine corruption as the most ancient and common type of economic crime, and its significance in a developing country's progress. The paper seeks to elaborate on why underdeveloped countries are more prone to corrupt acts and more open to investments by criminals. The paper attempts to answer the question whether such criminal activites can be controlled by developing societies and states in transition.

Design/methodology/approach

Research is based on relevant literature and empirical findings, approaching the issue from more than one theoretical point of view. The paper analyses the two faces of corruption when dealing with specific countries and inefficient governments. It discusses how corruption in the long term is damanging for the development of less‐developed states.

Findings

Corruption is not a localized crime but rather a crime without borders. Domestically it can only be controlled through state mechanisms and with the support of society and the media. Internationally it can be controlled with international cooperation and enforcement of bilateral regulations. This research concludes with the importance of global action in fighting economic crimes with destinations in developing countries.

Originality/value

This paper advances the academic debate on economic crimes and countries in transition in particular, while in general presents a more realistic approach to citizens, civil society, the independent media, and state officials themselves, who can have a crucial role in controlling corruption, hence economic crimes.

Details

Journal of Financial Crime, vol. 13 no. 4
Type: Research Article
ISSN: 1359-0790

Keywords

Article
Publication date: 1 March 2003

Joan Hoffman

Economic crime is too varied an activity to be explained by a single theory. Valuable insights are gained from theories that focus on individual characteristics and on the…

1229

Abstract

Economic crime is too varied an activity to be explained by a single theory. Valuable insights are gained from theories that focus on individual characteristics and on the socio‐economic context of crime, but these theories are not sufficient explanations of economically motivated crime. They are usefully supplemented by legal responsiveness theory, which focuses on the capacity of the economic system to provide legal means to adapt to economic change. This theory acknowledges the insights of chaos and cellular automata theory into the inevitable and unpredictable nature of economic change. Variation in the system's capacity for legal responsiveness to unpredicted change is hypothesized to have an impact on crime. Economic crime can be an indication of dysfunction in the adaptation systems of the economy. The concepts of ecological and evolutionary economics such as stability, resilience, connectedness and adaptation offer an approach to analyzing the systemic property of legal responsiveness.

Details

International Journal of Social Economics, vol. 30 no. 3
Type: Research Article
ISSN: 0306-8293

Keywords

Article
Publication date: 12 October 2010

Terhi Kankaanranta and Vesa Muttilainen

The paper aims to analyse economic crimes in the construction industry with special reference to dealing in receipts. First, its purpose is to obtain knowledge on the…

1058

Abstract

Purpose

The paper aims to analyse economic crimes in the construction industry with special reference to dealing in receipts. First, its purpose is to obtain knowledge on the extent of economic crimes as well as dealing in receipts in the construction industry. Second, it seeks to find more detailed information about cases, suspects and companies involved with these crimes. Finally, it aims to assess financial losses to society.

Design/methodology/approach

This analysis is based on economic crime suspicions, which were recorded in the national police information system in 2007, and whose pre‐trial investigation was concluded before the end of March 2009. Open source information was utilized as well.

Findings

In 2007, there were 1,590 economic crime suspicions and one‐seventh was related to the construction industry. Results indicated that almost three‐quarters of the economic crimes in the construction industry were related to dealing in receipts. Aggravated forms of crimes were most common.

Originality/value

This is the first register‐based study analysing economic crimes in the Finnish construction industry. Also, internationally there are only a few studies focusing on the construction industry, even if it is one of the core areas of grey economy due to the high level of subcontracting.

Details

Journal of Financial Crime, vol. 17 no. 4
Type: Research Article
ISSN: 1359-0790

Keywords

Article
Publication date: 8 August 2008

Adam Salifu

The purpose of this paper is to examine the question of whether corruption and economic crime can be controlled in developing economies and whether the cost of doing that…

2816

Abstract

Purpose

The purpose of this paper is to examine the question of whether corruption and economic crime can be controlled in developing economies and whether the cost of doing that can be justified. It also explores the implications of corruption in the development of developing economies.

Design/methodology/approach

The paper reviews a range of published articles (1964‐2005), which offer theoretical and empirical research on corruption, economic crime and development. Themes discussed range from; the causes, implications, controls and the cost of controlling economic crime and corruption in developing economies.

Findings

Provides a critical analysis of the debate on corruption and economic crime in developing economies. The paper generally concludes that no single institution can be used to control corruption and economic crime and efforts to control these phenomena need to come from multiple fronts. The best way to tackle corruption in developing countries is through sector‐by‐sector control and that efforts to eliminate corruption are unlikely to be entirely successful in developing countries, not even in the developed countries.

Practical implications

The paper reminds developing countries to adopt measures that best suit their local circumstances in setting up anticorruption agencies/institutions while taking into consideration the borderless nature of crimeeconomic crime and corruption. Policy makers, especially in developing countries should re‐examine both local and international tools for combining economic crime and corruption to ensure development.

Originality/value

Although the paper argues along similar lines with the neo‐liberal approach to combating economic crime and corruption in developing countries, a major departure of this paper is that it proposes the need for a global effort to corruption and economic crime as a result of the increasing borderless nature of crime in this present age of information communication technology.

Details

Journal of Money Laundering Control, vol. 11 no. 3
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 25 September 2009

Muzafar Shah Habibullah and A.H. Baharom

The purpose of this paper is to analyze the impact of economic conditions on various categories of criminal activities in Malaysia for the period 1973‐2003.

5930

Abstract

Purpose

The purpose of this paper is to analyze the impact of economic conditions on various categories of criminal activities in Malaysia for the period 1973‐2003.

Design/methodology/approach

The autoregressive distributed lag bounds testing procedure was employed as the main tool. Dynamic ordinary least squares was also used to check the robustness of the results.

Findings

The results indicate that murder, armed robbery, rape, assault, daylight burglary, and motorcycle theft exhibit long‐run relationships with economic conditions, and the causal effect in all cases runs from economic conditions to crime rates and not vice versa. In the long‐run, strong economic performances have a positive impact on murder, rape, assault, daylight burglary, and motorcycle theft, while on the other hand, economic conditions have negative impact on armed robbery.

Research limitations/implications

Further researches using other macroeconomic variables and also other countries are encouraged.

Practical implications

The important implication of this result is that real gross national product per capita is an exogenous variable and it is, therefore, useful for fiscal policy variable. Government of the day should seriously consider the results of this study in any crimefighting policies that are formulated.

Originality/value

An economic viewpoint of criminal activities in Malaysia.

Details

International Journal of Social Economics, vol. 36 no. 11
Type: Research Article
ISSN: 0306-8293

Keywords

Article
Publication date: 8 May 2018

Andries P. Swanepoel and Jacolize Meiring

Economic crime is a serious challenge to business leaders, government officials and private individuals in South Africa. Given the important role of law enforcement…

Abstract

Purpose

Economic crime is a serious challenge to business leaders, government officials and private individuals in South Africa. Given the important role of law enforcement, prosecution and sentencing in deterring economic crimes, the purpose of this paper is to determine if law enforcement, prosecution and sentencing practices are deemed to be adequate in South Africa.

Design/methodology/approach

Primary data from Web-based and manual questionnaires were used to empirically analyse the perceptions of sentenced economic crime offenders and role-players regarding the statement that law enforcement and prosecution practices of economic crimes relating to fraud, corruption or tax evasion in South Africa are not adequate. The final realised sample included a total of 345 from the various populations of key role-players and a total of 82 economic crime offenders from a Gauteng-based correctional institution. Mann–Whitney U tests were used to test for significant differences between the views of role-players and economic crime offenders.

Findings

The majority of both groups of respondents is of the opinion that law enforcement, prosecution and sentencing practices in South Africa are not adequate with regard to economic crime offences, although statistically significant differences exist in the degree of agreement. The challenge is therefore to prosecute more economic crime offenders by improving law enforcement, prosecution and sentencing practices. The study also revealed that people have a reluctance to speak out about fraud, corruption or tax evasion or to report such offences for various reasons.

Originality/value

The research assisted in identifying the challenges economic crime presents and the shortcomings in current law enforcement, prosecution and sentencing practices in South Africa.

Details

Journal of Financial Crime, vol. 25 no. 2
Type: Research Article
ISSN: 1359-0790

Keywords

Article
Publication date: 2 July 2019

Sani Abubakar Saddiq and Abu Sufian Abu Bakar

The purpose of the study is to investigate the impact of economic and financial crimes on the economies of emerging and developing countries.

Abstract

Purpose

The purpose of the study is to investigate the impact of economic and financial crimes on the economies of emerging and developing countries.

Design/methodology/approach

Preferred Reporting Items for Systematic review and Meta-Analysis (PRISMA) guidelines and meta-analysis of economics research reporting guidelines were used to conduct a quantitative synthesis of empirical evidence on the impact of economic and financial crimes in developing and emerging countries.

Findings

A total of 103 studies were searched, out of which 6 met the selection/eligibility criteria of this systematic review. The six selected studies indicated that economic and financial crimes have a negative impact in emerging and developing countries.

Originality/value

To the best knowledge of the authors, no published systematic review of the impact of economic and financial crimes in developing countries has been conducted to date.

Details

Journal of Financial Crime, vol. 26 no. 3
Type: Research Article
ISSN: 1359-0790

Keywords

Article
Publication date: 7 October 2019

Anastasia Suhartati Lukito

This paper aims to explain the regulations in Indonesia that apply to lawyers and other professional advisers in terms of their obligations as reporting parties of…

Abstract

Purpose

This paper aims to explain the regulations in Indonesia that apply to lawyers and other professional advisers in terms of their obligations as reporting parties of suspicious financial transactions with respect to money laundering and other financial crimes. As lawyers and other professional advisers offer services to the business community in Indonesia, they are vulnerable to becoming parties to illegal business transactions. The results could lead to bribery, graft, tax crime and corruption in Indonesia.

Design/methodology/approach

This paper explores and analyzes the obligations of lawyers and other professional advisers under Indonesian law, with particular reference to their obligations as reporting parties in efforts to prevent economic crime within the country’s business community.

Findings

Lawyers and other professional advisers, as reporting parties, can be viewed as the gatekeepers that inhibit economic and financial crimes. Consequently, a new perspective is needed for all of the legal professions so that they can protect themselves from the risks of being targeted by nefarious clients/offenders. To strengthen the role of these advisers, it is recommended that both a code of ethics and know your customer principle to be implemented.

Practical implications

This paper can serve as a resource that explores the functions of lawyers and other professional advisers as reporting parties whose aim is to prevent financial and economic crime in Indonesia.

Originality/value

This paper encourages lawyers, other professional advisers, and public and private institutions to implement a code of ethics, and also integrity and professionalism, with a view to preventing economic and financial crimes. According to the code, the functions and obligations of lawyers and other professional advisers include discouraging such offenses. The code becomes effective when legal professionals adhere to legal ethics and integrity.

Details

Journal of Financial Crime, vol. 26 no. 4
Type: Research Article
ISSN: 1359-0790

Keywords

Article
Publication date: 13 March 2017

Avijit Debnath and Sujoy Das

There have been limited studies which investigate the interlinkage between crime and economic affluence. The purpose of this paper is to investigate the linkage between…

Abstract

Purpose

There have been limited studies which investigate the interlinkage between crime and economic affluence. The purpose of this paper is to investigate the linkage between crime and economic affluence in India.

Design/methodology/approach

The study is based on annual data spans over the time period 1982-2013. Standard econometric tools like unit root test, co-integration and two stage least square technique have been used to analyze data and to draw inferences.

Findings

The study finds that crime and economic affluence are interlinked in India. However, the nature of the linkage is not uniform over the time span. It is observed that economic affluence affects violent crime positively in the long run, but crime effects affluence negatively. In the short run, however, the relationship between crime and economic affluence is observed to be reversed.

Originality/value

This study is first of its nature to investigate the bi-directional linkage between crime and economic affluence in India. This study helps us to understand that controlling the crime rate is the urgent need of the hour to alleviate the pace of long run economic affluence in India.

Details

Journal of Criminological Research, Policy and Practice, vol. 3 no. 1
Type: Research Article
ISSN: 2056-3841

Keywords

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